Located along a main retail corridor in the Memphis suburb of Collierville, Poplar Oaks is situated less than five minutes from the local hospital. The facility was originally built in 1970, had been well maintained throughout the years, and is one of only a few skilled nursing facilities in the market providing ventilator care. The facility’s average census was consistently above 90 residents and generated over $10 million in total annual revenues. However, cash flow was limited, and the operator was dealing with ongoing bankruptcy proceedings.
The facility was encumbered by a ground lease owned by a trust made up of several local families which was set to expire during diligence. In addition to facilitating the real estate sale, Blueprint assisted the parties in amending, extending, and assigning the ground lease with the buyer stepping in as the new lessee. The buyer and its regional operating team from Clearview Healthcare Management worked swiftly through closing to further grow its presence in the Memphis area.
Ben Firestone and Michael Segal led the transaction.